The Executive Board of the International Monetary Fund has selected Kristalina Georgieva to serve as IMF Managing Director.

Ms Georgieva succeeds Christine Lagarde, and is the first person from an emerging market economy to lead the IMF since its inception in 1944.

She will take up the role on October 1.

The selection of Ms Georgieva by the 24-member Executive Board representing the IMF's 189 member countries brings to a conclusion the selection process initiated by the Executive Board in July.

The Managing Director is the chief of the IMF's operating staff and Chair of the Executive Board. The Managing Director is assisted by four Deputy Managing Directors in the operation of the Fund, which serves its membership through about 2,700 staff.

Ms Georgieva, a national of Bulgaria, has been the Chief Executive Officer of the World Bank since January 2017. From February 1, 2019 to April 8, 2019, she was the Interim President for the World Bank Group.

Starting in 2010, she was at the European Commission, serving as Commissioner for International Cooperation, Humanitarian Aid and Crisis Response, then as Vice President for Budget and Human Resources. Ms Georgieva has a PhD in Economic Science and a MA in Political Economy and Sociology from the University of National and World Economy in Bulgaria, where she also taught from 1977 to 1991.